May 23’ - Listing Spotlight
Was this May really less busy than last May? Looking at numbers alone, it would imply that is was as May of 2022 had 25 listings compared to May 2023 with 18 listings. As I look at the May 2022 listings, I noticed that 7 of those listed ended up not selling and eventually expiring, so I wonder if we will have the same phenomenon this year? Half of the homes listed in May of 2023 are still available as of early June, and not all of those are incredibly high priced homes. Memorial day has come and gone already, signaling the official beginning of summer, and with that, much more travel and potentially a few less buyers out in the market. Surely the demand is not being helped by interest rates which have once again climbed into the 6.5-7% range again.
What strikes me most about this past month was that it didn’t feel like there was a plethora of Old Town homes hitting the market, and a few of those homes that did hit the market were actually relisted homes from previous months. It seems that the current buyer pool demands new and unique listings, with little work to be done. Homes like 1100 Beech, and 1034 Oak used to fly off the shelves as they are turn-key, and are not sitting a bit longer if the pricing isn’t “just right”. Leading into the heart of summer, if you are looking to list your home, I find it especially important to market your property with cleaning, staging, and professional photography. The goal of any listing is to provide a sense of urgency between the available buyers, and having your ducks in a row when listing a property and controlling the process will be key to making sure you attract buyers instead of chase buyers.
233 Lyons St, Fort Collins, 80521
Listed by Jason Filler, LIV Sothebys Intl Realty
List Price: $440,000
Sold Price: Pending (3 days to offer)
Difference: TBD
Somewhat basic in style and function…as if it was built at a time where that was the modus operandi. Oh wait, it was built just at the end of the second world war, when homes tended to fit the functions of returning serviceman. Back to modern times, it still fills a housing function, but there certainly is not a ton of charm or appeal to this home other than the price and general location. Given the current market, those 2 factors play a large part on whether a home goes under contract quickly like this one, or labor a bit more like others.
401 Pearl St, Fort Collins, 80521
Listed by Will Harper, Remax Alliance South FTC
List Price: $470,000
Sold Price: Pending (21 days to offer)
Difference: TBD
Overall, looks like a nice house that has some great potential to be uncovered. The wood floors in the bedrooms is always a nice find that happens quite frequently in these mid-century ranch homes. The classic galley kitchen and main living space off of the main entry can definitely be made to be more open, and there is some good upward potential in this home given that it is being sold below $500K.
418 Franklin St , Fort Collins, CO 80521
Listed by Anna T. DiTorrice-Mull, The Group Horsetooth
List Price: $500,000
Sold Price: Pending (4 days to offer)
Difference: TBD
Definitely more dated than 401 Pearl, but perhaps with the allure of the “elderly owner” factor which usually equates to homes being well-maintained despite being incredibly outdated. This one was under contract quite quickly, so it’s a pretty good assumption that this one was more on the well maintained spectrum as opposed to the deferred maintenance spectrum.
1011 W Magnolia St, Fort Collins, CO 80521
Listed by Crisafulli Team, Roots Real Estate
List Price: $550,000
Sold Price: Pending (6 days to offer)
Difference: TBD
Another home with great upward potential, but more for a skilled craftsman or tradesperson and less for the common buyer. This place has been torn down to bear bones, and as such, really could only be purchase with specific lending types. While I bet there were some overly ambitious buyers out there looking for a “project”, this is much more work that might be expected for someone who has just been watching a fix and flip show in HGTV. I think the right buyer with the right skills and connections could really do this home justice and bring it up to its original, or new, glory.
1100 Beech St, Fort Collins, CO 80521
Listed by Gus Bergs, LIV Sothebys Intl Realty
List Price: $569,000
Sold Price: Active (As of 06/08/2023)
Difference: TBD
This is the 3rd go this year for this recently remodeled ranch style home. Is road noise causing issues (close to Shields)? Lack of a garage? Overall size? Flow? Price? One thing is for sure, the current owners are working on profit margins, so subsequent price adjustments will be made in small increments if they aren’t able to get it under contract in a timely fashion.
232 Clover Ln, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers, LLC
List Price: $569,000
Sold Price: Active (As of 06/08/2023)
Difference: TBD
The somewhat common Bi-level dilemma troubles this home as it does to many Bi-levels across Fort Collins. “Up first or down?” is the most frequent question I ask buyers as we tour these types of homes. This bi-level does look to have some nice features like and updated kitchen, and some nice flooring choices in a few rooms. The neighborhoods in this part of Old Town can also be a bit hit or miss, so that may be a factor, mixed with price and style, which are holding this one back from getting an offer.
1500 Elm St, Fort Collins, CO 80521
Listed by Tisha Wernerbasch, C3 Real Estate Solutions, LLC
List Price: $555,000
Sold Price: $575,000
Difference: $20,000
The home is nice, and it looks like there was some nice refinished floors and staging that really made it show well. However, I’m guessing that the real driving factor in a quick sale on this property is it’s unique location with the open field behind. Finding these types of homes that back to some semblance of space is becoming rare, so when paired up with a well-maintained home it is a recipe for a quick sale
317 N Whitcomb St, Fort Collins, CO 80521
Listed by Jeffrey Tennant, Tennant Realty
List Price: $694,000
Sold Price: Active (As of 06/08/23)
Difference: TBD
This definitely looks like a well-maintained and tidy home, albeit a bit small. What is not completely evident is whether or not the studio space above the garage can be used as an income producing property as it may not have been built and permitted as such. As a pure in-law space, or extra office space, it really does a great job though. The house itself is just shy of 800 SQFT for 2 beds and 1 bath, which is a smaller package for the price. I’m guessing that this is going to need some price reductions to really get it into the swing of feasibility for a potential buyer who would probably prefer to have all the SQFT in the same building.
412 Wood St, Fort Collins, CO 80521
Listed by Amber M Jones, C3 Real Estate Solutions, LLC
List Price: $705,000
Sold Price: Pending (10 days to offer)
Difference: $TBD
Small and tidy, this property looks a really attractive one in every way except the price/sqft. It recently sold last year after being in and out of contract many times, so it is a bit surprising to see it go under contract above $700K within the 1st two weeks of being listed this year. These types of homes (smaller, but completely remodeled) seem to be great fits for retirees moving to the area who want charm, low maintenance, and living all on the same level. The are equally suited for the up and coming young professional with expendable income who really wants to live in a vibrant part of town.
310 W Olive St A, Fort Collins, CO 80521
Listed by Jennifer E. Low, C3 Real Estate Solutions, LLC
List Price: $745,000
Sold Price: 745,000
Difference: $0
This one seems to be an anomaly in the market, as it has been listed multiple times over the past few years and struggled to get an offer. Perhaps the market finally caught up to the pricing and the timing this year was just right. Either way, it is a nearly brand new attached dwelling in the heart of Old Town, and with other attached dwellings going over the millions recently, the comparative value just might be there now for these ones.
223 N Whitcomb St , Fort Collins, CO 80521
Listed by Melissa Kaplan, RPM of the Rockies
List Price: $749,000
Sold Price: Active (As of 06/08/23)
Difference: TBD
As a tenant occupied property goes, this one looks to be in great condition. The price may be a struggle for investors as their monthly payments are likely not going to be covered by the current lease agreement. That lease agreement is up at the end of July, which would open up the sale to other owner occupants, but selling tenant occupied properties is always a tricky proposition if you are looking to maximize potential profits as they never tend to show as well as owner occupied or vacant listings. I would also guess that there maybe some layout issues with this property, as fitting 5 bedrooms into a 1800 SQFT home will definitely chop up a layout substantially. 2 of those bedrooms are on the upper level, and those dormer style bedrooms tend to feel cramped based on ceiling heights as well.
1147 Laporte Ave, Fort Collins, CO 80521
Listed by Brian Trainor, C3 Real Estate Solutions, LLC
List Price: $935,000
Sold Price: Active (As of 06/08/2023)
Difference: TBD
I had a chance to tour this home when it was last on the market, and while it has some great features, the layout was problematic for my buyers. I do think this home has a lot going for it, and it looks to be in great condition given its age, but what struck me most was the lack of a definable space to gather. The front living dining area probably has the most space, but most people find themselves pulled toward the back of the house and the sunken living space off the backyard, which isn’t huge. Another potential issue may be for families, as the bedrooms are split between 3 levels which tends to not be ideal for younger families. I could see this one going in the upper $800’s to a young couple or retirees potentially.
1034 W Oak St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $975,000
Sold Price: Active (As of 06/08/23)
Difference: TBD
I frequently walk past this house on my way back from city park, and have always been intrigued by how it looks inside. I love the exterior aesthetic, a more “mountain modern” style home that one might expect to find in a colorado mountain town. Inside is quite nice, although not overwhelmingly charming. The main floor wraps around the staircase, which unfortunately breaks up the main living into multiple sections of the home. Similar to 1147 Laporte, it becomes difficult to determine where the main gathering space of this home might be. Upstairs is totally fine with all of the bedrooms, and everything seems to be in good condition (except for a bit of carpet damage….to be expected in some of these homes). The backyard is really great, as is the 2 car garage. Only being 2 doors down from Shields may also be causing some issues with road noise, but it really isn’t all that bad. I still think this home is good value for the money, size, and location.
418 N Grant Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers, LLC
List Price: $1,800,000
Sold Price: Active (As of 06/08/2023)
Difference: TBD
One of two custom build homes designed by incredible architect and local Old Town resident Heidi Shuff. These homes have been a long time in the making, and I can attest to the fact that Heidi does an amazing job with creating a functional and stylish layout with limited space. These homes have been decked out with some really nice finishes, and have some really good sqft for the area. The bonus garage/carriage house on the back is. a great addition as well for future value moving forward.
420 N Grant Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,900,000
Sold Price: Active (As of 06/08/2023)
Difference: TBD
The somewhat smaller sibling to the next door new build at 418 Grant st, I think you really just have to decide which layout would be more inline with your style and living flow. Each of the homes feature bedrooms on all levels, fully finished basements, and garage/carriage houses, so it really may must come down to design aesthetic if you were choosing between the two. They are both trendsetters in terms of size for the neighborhood, with the exception of the builders home across the street which also anchors this particular block that is slowly seeing a transition to a few larger homes.
